Section 53(5) in First Statutes of the University of Udaipur
(5)The rate of subscription shall be 8 1 /3% of the basic pay and the amount calculated on this basis shall be deducted from the monthly pay of each employee. Provided that a subscriber may at his option, subscriber at a rate higher than 8 1/3% of his basic pay and the amount calculated on this basis will be deducted from the monthly salary of the subscriber.Note. -No subscription or contribution shall be made to the Provident Fund or for the benefit of an employee who is on leave without pay.(a)It shall be a policy effected by the subscriber himself on his own life and shall (unless it is a policy expression the face of it to be for the benefit of his wife, or of his wife and children or any of them) be such as as may be legally assigned by the subscriber himself to the University.(b)A policy on the joint lives of the subscriber and his wife shall be considered a policy on the life of the subscriber himself.(c)A policy which has been assigned to the subscriber's wife shall not be accepted, unless either the policy is first reassigned to the subscriber or both the subscriber and his wife join in an appropriate assignment.(d)The policy may not be effected for the benefit of any beneficiary other than the wife of the subscriber or the wife and children or any of them.(e)A subscriber shall be liable to refund any amount withdrawn towards the payment of insurance premium if the Executive Committee later on has any reasons therefor, with interest thereon at the rate allowed on the P.F. account and the amount so recovered from the emoluments of the subscriber shall be placed to the credit of subscriber in the fund.
